16,
March 2009 AIG
The
Obama administration’s claim that they are ‘powerless’ to stop rewarding AIG
executives a staggering $165 million is somewhat disingenuous. If the federal
government owns 85% of the company why don’t they send a swat team of lawyers
and accountants to take over the company? Allowing these AIG executives to
‘stay the course’ and squander tax payer largesse to reward their incompetence
is a prescription for disaster. A de facto nationalization of AIG would allow
government officials to void existing contracts and issue pink slips to those
executives who were responsible for driving the giant insurance company to the
brink of total collapse. This bold action would send a chilling message to
other tax payer bailout institutions to stop playing fast and loose with our
tax money. Failure to act promptly will only encourage debt ridden institutions
to focus on short term goals enriching corporate executives to the detriment of
American taxpayers.
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